Boston—Newmark Knight Frank announced the completion of the $37.8 million recapitalization of 10 & 20 Mall Road in Burlington, MA.
Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble and Director Samantha Hallowell of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the sale of CrossHarbor Capital Partners’ interest in the property to Battery Global Advisors with RJ Kelly remaining as operating partner.
Totaling 154,378 square feet, 10 & 20 Mall Road comprises two Class A office buildings anchored by Flexion Therapeutics (NASDAQ: FLXN), Infogroup and CCA (Construction Consulting Associates). The property features recently upgraded lobbies, common areas and amenities complemented by first-class tenant build-outs.
“10 & 20 Mall Road represents a ‘like-new’ asset with more than $3 million in base building and tenant improvements completed throughout the past five years,” said Pullen. “The property therefore offers an attractive combination of stability and upside within a prominent location along Mall Road, the primary thoroughfare into the Burlington market.”
10 & 20 Mall Road is strategically situated within close proximity of all of Burlington’s shopping, dining and entertainment amenities. The asset also features immediate access to Interstate 95 (Route 128) and benefits from walkability to an MBTA bus stop.